A Quote by Nassim Nicholas Taleb
Banks have never made money in the history of banking, losing the equivalent of all their past profits periodically - while bankers strike it rich.
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By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System... while the banking system was partially centralized under their leadership, it was not centralized enough.
American money was never more sound, or banking more free, than 200 years ago. Since then, it's been a long steady decline from the gold standard and competitive banking to our Fed-run system of inflated paper currency, deposit insurance, and perpetually shaky banks on the dole.
I suggested a compromise to give the banks a year's time and see if they succeed in showing us that nationalization wasn't necessary. The year went by and we realized it hadn't done any good, that the money still ended up in the hands of the rich industrialists or friends of the bankers. So I concluded that it was necessary to nationalize the banks. And we did. Without considering it a socialist gesture or an antisocialist gesture, just a necessary one. Anyone who nationalizes only so as to be considered on the left to me is a fool.
We survived for hundreds of years under the old banking structure. You'd have clearing banks, then merchant banks doing the racy stuff, and then building societies where you'd join a waiting list for a mortgage. But then banks started buying stockbrokers, doing mortgages, and you ended up with these big banking groups doing everything.
Banking was conceived in iniquity and born in sin... Bankers own the Earth. Take it away from them but leave them the power to create money, and, with the flick of a pen, they will create enough money to buy it back again... Take this great power away from them and all the great fortunes like mine will disappear and they ought to disappear, for then this would be a better and happier world to live in... But, if you want to continue to be a slave of the bankers and pay the cost of your own slavery, then let the bankers continue to create money and control credit.
The Cyprus Financial Crisis was a devastating blow to Cypriots and halted their banking system. Banks closed for two weeks to prevent a banking panic. When they reopened, capital controls were placed on the people's money, and customers were met by armed guards at the branches.
The Bankers' New Clothes makes a simple, powerful argument: that banks need to raise more capital. It is entirely persuasive that the extent of their leverage makes the financial system fragile, and it clearly and patiently demolishes all the counter-arguments made by the banks and their lobbyists.
In our election manifesto is: we keep the right to create money and to bring in circulation, for the cause of the government ... Those who do not share this view, reply us to the issue of paper money is for the banks, the government should stay out of the banking business. I agree with Jefferson's opinion ... and just like him I say again: the issue of money is a matter for the government and the banks should stay out of government activity.
Childishness? I think it's the equivalent of never losing your sense of humor. I mean, yes there's a certain something that you retain. It's the equivalent of not getting so stuffy that you can't laugh at others.
People with banking experience haven't all flocked to the biggest banks; community banks and regional banks, along with smaller trading houses and credit unions, have some very talented people.
I think we're in the take-the-money-and-run stage of the economy. So the banks may go under, but the bankers, who make the policy, clean up.
The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.
The Illuminati bankers rule the world through debt, which is money they create out of nothing. They need world government to ensure no country defaults or tries to overthrow them. As long as private bankers, instead of governments, create money the human race is doomed. These bankers and their allies have bought everything and everyone.
Anyone interested in the past, present, or future of banking and financial crises should read The Bankers' New Clothes. Admati and Hellwig provide a forceful and accessible analysis of the recent financial crisis and offer proposals to prevent future financial failures. While controversial, these proposals--whether you agree or disagree with them--will force you to think through the problems and solutions.
In the U.S. more than any other place, the banking system is insane. Millions of Americans lost their houses. Because of what? Because of the banking system. This American banking system is also coming to Europe. We can say today that the banks and high financiers run the world.
Profits should be for a purpose. Profits should be productive. You should make money for producing benefits that make the world a better place. Making money is a good thing when it is made in service to humanity or the democracy.
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